The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Ace River Capital returned +6.25% in H1 2026, underperforming the S&P 500 (+9.55%) and Russell 2000 (+22.57%), continuing a multi-year period of significant underperformance with cumulative returns of -49.40% since 2023. The portfolio became even more concentrated following the complete sale of MarineMax, now consisting primarily of two holdings: Vox Royalty and RCI Hospitality. The manager's conviction in both positions increased materially during the period. Vox Royalty, the Fund's largest holding, provides diversified exposure to high-quality mining assets through a royalty model without operating requirements, and is viewed as one of the most attractive long-term compounders in public markets trading at a substantial discount to intrinsic value. RCI Hospitality's thesis has strengthened as the market focuses on litigation overhang while overlooking normalized free cash flow, valuable owned real estate, and disciplined capital allocation. The manager maintains a patient, concentrated approach focused on owning fewer than five positions with structural competitive advantages, tangible assets, and scarcity value, intentionally avoiding software, finance, and insurance businesses.
Ace River Capital maintains a highly concentrated portfolio of small- and micro-cap businesses with durable economics, tangible assets, and long runways for reinvestment, focusing on companies where competitive advantages are structural and capital can be redeployed at attractive rates over long periods.
The manager remains focused on owning businesses that trade at meaningful discounts to intrinsic value rather than attempting to forecast macroeconomic or market movements. As long as the gap between price and value remains attractive, he expects to stay patient, concentrated, and disciplined in allocating capital. The tone is highly convicted and patient, with no urgency to deploy beyond current holdings.
As of Jul 30, 2026
Nicholas D'Agnillo founded Ace River Capital in 2022 after building substantial experience in real estate and investment management. He studied finance and psychology at Bryant University between 1997-2001, supplementing his education with extensive investment literature. His career began as a high-stakes blackjack dealer at Foxwoods Casino, investing 50% of wages into stock funds during the post-9/11 recession. In 2013, he launched Nexus Property Management, growing from 8 to 345 units within two years. By 2014, he acquired a 55,000 sq. ft. mill building in Pawtucket through creative financing. Starting in 2016, he managed a concentrated stock portfolio, capitalizing on the 2020 market downturn to expand assets before launching Ace River Capital.
Lead Portfolio Manager
High Conviction Bullish
Market Conviction
This letter demonstrates extreme conviction through multiple concrete signals: (1) ultra-concentration with only two primary holdings explicitly named and sized as 'largest holding' and 'largest investment,' (2) the manager explicitly states 'my conviction has increased materially' for both positions, (3) willingness to sell a position (MarineMax) to concentrate further in the two core holdings, (4) declarative language throughout with minimal hedging ('I believe,' 'I continue to believe'), and (5) the manager describes holding 'fewer than five positions' as a core strategy feature. The explanation and score are fully aligned—this is a textbook example of high-conviction concentrated investing.
Growth Outlook
Market outlook remains above average conviction: Despite a challenging 2025 performance (-21.95%), Ace River Capital remains committed to its highly concentrated, asset-backed small-cap strategy, viewing current valuation disloca...
Risk Appetite
Risk appetite posture is above average conviction: Despite a challenging 2025 performance (-21.95%), Ace River Capital remains committed to its highly concentrated, asset-backed small-cap strategy, viewing current valuation disloca...
Capital Deployment
The sale of MarineMax and redeployment into existing positions (VOXR and RICK) represents capital rotation, not net new deployment. The manager explicitly states he expects 'extended periods of inactivity' and will 'stay patient' rather than actively deploy. No cash level changes are reported, and no new positions were initiated. The rotation into existing high-conviction names warrants a slightly positive score, but this is fundamentally a neutral deployment posture with no evidence of cash being put to work or raised.
Forward Guidance
Forward guidance signal: Despite a challenging 2025 performance (-21.95%), Ace River Capital remains committed to its highly concentrated, asset-backed small-cap strategy, viewing current valuation disloca...
Language Signal
The letter contains predominantly bullish language around the two core holdings: 'substantial discount to intrinsic value,' 'most attractive long-term compounders,' 'thesis has strengthened,' 'conviction has increased materially,' 'materially understates intrinsic value,' and 'attractive avenue for per-share value creation.' However, this is balanced by the acknowledgment of significant underperformance (-49% cumulative) and the absence of broader market optimism. The bullish language is position-specific rather than market-wide, warranting a moderately positive but not extreme score.
Perceived Risk
Perceived risk level is evaluated as above average conviction. Despite a challenging 2025 performance (-21.95%), Ace River Capital remains committed to its highly concentrated, asset-backed small-cap strategy, viewing current valuation disloca...
Opportunity Density
The manager describes a sparse opportunity set through his actions and statements. He sold MarineMax not due to deterioration but because 'capital could earn higher long-term returns' in the two existing positions, suggesting limited alternatives. The portfolio contracted to primarily two holdings, and the manager explicitly states he expects 'extended periods of inactivity' and emphasizes patience. The phrase 'only add when the risk-reward profile is clearly asymmetric' signals a high bar for new ideas. This reflects a selective, opportunity-scarce environment.
Time Horizon
The letter demonstrates an exceptionally long time horizon through multiple signals: (1) the manager describes Vox as 'one of the most attractive long-term compounders' with emphasis on 'long-term compounding' and 'per-share value creation,' (2) the stated objective is 'to compound capital over long periods,' (3) the manager explicitly states 'I do not manage the portfolio to outperform over any particular quarter or year,' (4) willingness to tolerate multi-year underperformance (-49% cumulative) without changing strategy, and (5) emphasis on 'patience' and 'extended periods of inactivity.' No near-term catalysts are discussed. This is a permanent-capital mindset with decade-plus horizon characteristics.
Top Conviction Themes
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